FBK Finecobank SpA

By Giovanni Legorano 

MILAN -- Italian lender UniCredit SpA said Wednesday it launched the sale of a 20% stake in online broker FinecoBank SpA, the latest in a series of transactions aimed at shoring up the bank's capital before it unveils a strategic plan in December.

The bank said the sale will take place via an accelerated book building addressed only to certain institutional investors and may be closed at any time.

It added that after the sale it will still hold a 35% controlling stake in FinecoBank.

The sale of the stake follows the sale of an additional 10% stake in FinecoBank and 10% in Poland's Bank Pekao SA, just after Jean-Pierre Mustier took over as the new chief executive of the bank in July.

The bank said it would unveil a new strategic plan in mid-December, which according to analyst may include a multibillion capital increase, more asset sales and drastic cost cuts.

Write to Giovanni Legorano at giovanni.legorano@wsj.com

(END) Dow Jones Newswires

October 12, 2016 13:39 ET (17:39 GMT)

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